April 2013 UCDP Release Notification and UAD Update

April 16, 2013

Freddie Mac and Fannie Mae (the GSEs) are providing you with the April 2013 Uniform Collateral Data Portal® (UCDP®) Release Notification and Uniform Appraisal Dataset (UAD) Update to announce the June 22, 2013, implementation of the first phase of the conversion of current UAD compliance warning edits to fatal UAD edits in the UCDP.

The first phase includes the following data fields:

Appraisal effective date

Subject contract price/Comparable sale price

Above grade Gross Living Area (GLA) (subject and comparables)

Sale type (subject and comparables)

Reminder: If an appraisal submitted to the UCDP receives one or more fatal UAD edits a "Not Successful" status will be issued. The loan will not be eligible for delivery to either GSE unless an appraisal with the required data in the correct format is resubmitted to ensure a "Successful" status.

Also included in this notification are updates on the following:

Addition of the latitude and longitude data fields to the UAD and the UCDP.

Freddie Mac Proprietary Appraisal Messaging

Also on June 22, 2013, Freddie Mac will begin implementing proprietary appraisal quality messaging in the UCDP by providing Freddie Mac's automated valuation model (AVM), Home Value Explorer® (HVE®). Adding the HVE results in the UCDP will provide you with an early view into appraisal quality and any potential collateral risk. This enhancement is part of our continued focus on providing you with tools to enhance your loan manufacturing process, so you can have greater purchase certainty in the loans you sell to Freddie Mac.

Freddie Mac is adding HVE results in the UCDP to provide you with feedback regarding the accuracy of the appraised value and quality of appraisals submitted to the UCDP. HVE generates an estimate of property value in seconds. With the addition of HVE, UCDP will:

Provide a general warning message when appraised values appear excessive based on the HVE results.

Display results in the findings section on the appraisal view/edit page on the new Freddie Mac tab.

Freddie Mac Findings Tab

The UCDP will be updated to include a new Freddie Mac Findings tab within the Findings section. This new tab will be visible for Doc File IDs associated with appraisals submitted to Freddie Mac through the UCDP. The HVE results will be displayed on the appraisal view/edit page on the new Freddie Mac tab.

The HVE results will also be displayed in the "Freddie Mac Proprietary Edit Findings" section on the Freddie Mac Submission Summary Report (SSR).

New Appraisal Messages

UCDP may provide the following HVE findings, as applicable, for each appraisal submitted to Freddie Mac:

Message ID

Message Text

Severity

HVE010

HVE is currently unavailable.

Warning

HVE020

HVE value not available. This appraisal form cannot be submitted to HVE.

Warning

HVE030

HVE value not available. An invalid appraised value cannot be submitted to HVE.

HVE value not available. The subject address cannot be validated in HVE

Warning

HVE060

Review for Accuracy: The Estimated Value of Property for this transaction may be excessive for the local market. The appraisal should be carefully reviewed for this transaction.

Warning

HVE070

<HVE Point Value Range Amount> is the HVE point value estimate for <Property Street Address, Property City, Property State Property Postal Code>. The HVE point value estimate returned does not indicate Freddie Mac’s acceptance of the appraised value entered for the subject property. The Lender will continue to be responsible for the property appraisal, as well as representation and warranties of the appraisal, regardless of the HVE Market Value.

Warning

HVE080

The percentage difference between the estimated/appraised value and the HVE point value estimate of the subject property is <HVE Variance %>.

Warning

HVE090

<HVE Confidence Score Value> is the HVE Confidence Level of the HVE point value estimate of the subject property. <HVE Sigma Value> is the HVE Forecast Standard Deviation of the HVE point value estimate of the subject property.

Warning

These warning messages only apply to the following four UAD forms, except for the HVE020 warning message, which is returned on the submission of a non-UAD form:

We are currently working with technology vendors who build integrated system interfaces to the UCDP to implement these changes in June. To determine when your system will be updated with Freddie Mac Proprietary Findings, contact your UCDP integrated vendor directly for a timeline.

Additional Information

More information about the UCDP, UAD and HVE, including training and resources, visit: